By: András P. Teleki, Kathryn S. Williams
Residential mortgage lenders and originators (RMLOs — known as “mortgage companies” and “mortgage brokers” but not individual loan originators) now are subject to the Bank Secrecy Act’s (BSA) anti-money laundering regime pursuant to a long expected new regulation published in the Federal Register on February 14, 2012 by FinCEN, a part of Treasury that implements the U.S.’s anti-money laundering regime.
By: Eric J. Edwardson, Kerri M. Smith
In January, Treasury announced significantly enhanced payments to encourage investors to consider or expand principal reduction modifications under HAMP.
To split an unearned fee or not to split an unearned fee in order to violate the Real Estate Settlement Procedures Act (RESPA) – that is the question.
On the heels of President Obama’s State of the Union address, the U.S. Department of Agriculture this month announced a two-year pilot program to help borrowers with USDA-guaranteed loans refinance their mortgages at lower rates without obtaining a new credit report, appraisal, or property inspection.
By: Phillip L. Schulman, Holly Spencer Bunting
It has been seven months since the Consumer Financial Protection Bureau (“Bureau”) took over the regulatory and oversight responsibility for the Real Estate Settlement Procedures Act (“RESPA”).
Several bills floating around Congress this month aim to address the privilege waiver issue that is causing anxiety for CFPB-regulated entities.
On Friday, the CFPB launched a new online portal through which the public can submit comments on ongoing efforts to streamline inherited regulations.
In a rare and unexpected move, the City of St. Paul last Friday agreed to dismiss its appeal to the U.S. Supreme Court challenging whether a violation under the Fair Housing Act may be proved under a disparate impact legal theory, or whether proof of intentional discrimination is required.
Washington, D.C. – Following the recent introduction of the Residential Mortgage-Backed Securities (RMBS) Working Group as the latest strike in the Obama Administration’s enforcement response to the financial crisis, global law firm K&L Gates LLP has created a new cross-practice task force to assist clients in addressing questions and allegations relating to this joint federal and state initiative.
The Administration’s newly announced plan to provide low cost refinancings to underwater, current borrowers whose residential mortgage loans are not owned or securitized by the GSEs is high on hope and low on likelihood of success.
By: Paul F. Hancock, Andrew C. Glass, Melanie Hibbs Brody, Roger L. Smerage, Melissa S. Malpass, Gregory N. Blase
On January 17, 2012, K&L Gates LLP submitted the comments of six financial services trade associations to the United States Department of Housing and Urban Development (HUD) on the proposed rule to implement a disparate-impact legal standard under the Fair Housing Act.
By: Kerri M. Smith
NPR and ProPublica charged Freddie Mac with investing in securities that would lose value if homeowners refinanced their mortgages.
Payday lenders recently received their first peek at what life will be like under the CFPB’s watch, and it’s not a pretty picture.